Chutes go first…

The worst kind of Chute to go down is one that lands in a coal-scuttle full of fraud and criminal charges–in a country known for its punishments. Biofourmis’ former CEO is facing seven counts in Singapore. Rajput Kuldeep Singh, one of the founders and former CEO, has been charged in Singapore with three counts of abetting the falsification of accounts, three charges of fraud by false representation or abetment thereof, and one charge of forgery for the purpose of cheating. These are connected to the Singaporean company, Biofourmis Holdings Pte Ltd., between 2021 and 2022. Headquarters moved to Boston after its Series B in 2019.

Mr. Rajput (surname is first) is accused of falsely invoicing US$16.5 million to Singapore’s Ministry of Health (MOH), and later false representations such as inflated revenue figures, falsified financial statements, a misrepresentation on payment by the MOH, and subsequently a forged employee stock option plan offer letter. This was purportedly intended to deceive DBS Bank into transferring funds from the bank.

The penalties are high in a country that canes offenders for spitting on the sidewalk. The Singapore Police Force announced the charges in a 3 Feb release. Each fraud charge against Mr. Rajput carries a maximum 20 years plus a fine. Falsifying accounts and forgery max out at 10 years plus a fine. Even if convicted of one charge, Mr. Rajput is looking at perhaps a decade of time in a Singapore prison–on multiple charges, perhaps the rest of his adult life. Mr. Rajput is a 34-year-old Indian national. Presently, he is out on bail of S$600,000 (US$475,000) and through his legal representation Eugene Thuraisingam Asia, indicated in court on Feb 4 that he intends to claim trial. Singaporean law moves fast–the pre-trial scheduled to start on 1 April. The Online Citizen (Singapore) Here’s the original article in the Straits Times.

Update on extradition: Should Mr. Rajput remove himself to the US and try to evade extradition, his attorneys will tell him that it may be futile, but will string out things. Extradition is covered by a foundational 1931 bilateral treaty that originated with the UK (as Singapore was a colony then) and has been honored since with modifications and expansions (e.g. the Extradition Act of 1968 and Amendments 2022). The mechanism is straightforward. A request has to be made by the Singapore ministry for law and subsequently heard in a US Federal court. The charges must be valid under existing bilateral laws and meet the requirement that the charges carry a sentence of 2 years+. The extradition back to Singapore must then be approved by the Secretary of State. Fraud, embezzlement, and the taking of money under false pretenses are all covered. Singapore is also an active cooperator with the US whereas many countries with treaties are not. Another complicating factor is that Mr. Rajput is an Indian national and may hold multiple passports.

What about Biofourmis? It merged in October 2024 with CopilotIQ, a smaller RPM/nursing company in home health that took over Biofourmis’ business in in-home delivery of complex care for health systems, payers, and pharmaceutical companies. It was announced by CopilotIQ. This oddity didn’t square with other financial reporting indicating that Biofourmis was the acquiring party, yet was reasonable considering that CopilotIQ’s CEO and his management were running the combined company. Yet Biofourmis was a much larger company, a unicorn with over $400 million acquired in 10 rounds of financing.  Another oddity: Mr. Rajput transferred his 96.6 million shares (!!) in Biofourmis to 19 existing investors immediately prior to the merger, according to filings with ACRA, Singapore’s Accounting and Corporate Regulatory Authority. Today, the single company runs as two separate brands. In 2024, Mr. Rajput returned to Singapore (and Boston) to found a new company, OutcomesAI, an AI-enabled nurse assistant and voice agent which raised $10 million last October. To be continued….

Doximity, a/k/a LinkedIn for doctors plus virtual visit capability, took a 17% crack on Friday after a wild overnight ride. This is despite the company clocking a decent Q4 2025 beating analysts’ revenue expectations. Sales were up 9.8% versus Q4 2024 to $185.1 million. EBITDA guidance for 2025 is in line at $356 million at the midpoint. What was the problem? Q1 2026. The company guidance is $143.5 million at midpoint, which is below analyst estimates of $151.3 million. It doesn’t seem like much, but the volatility indicates that Doximity has growing competition for the 80% of US doctors who are members. Epocrates and Medscape have for years been the main competition for partner dollars, but the new kid on the block, OpenEvidence, which just clocked a healthy Series D for its medical info search engine, is putting all three in the shade. The pie is also shrinking. Pharma companies are overall spending less and Doximity is spending more on a suite of new tools: DocsGPT, Doximity Dialer, and Doximity Scribe. Share price has stayed flat since Friday. Considering it once traded over $80…. Yahoo Finance, TIKR

Now for the Ladders…climbing them with a ‘barbell’…

Devoted Health raked in $366 million of Series F and post-F funding. This insurtech survivor, a combination of Medicare Advantage (MA) plans with in-house telehealth and in-home care, raised a split Series F: $48 million in November 2025 and at the end of January a Series F-Prime of $317 million. These very late rounds are rare in this constrained funding market. Both were led by long time investor The Space Between (TSB) [TTA 3 Jan 2024], in partnership with Centricus, a London-based global investment firm. This Editor counted 18 additional investors, which is a tell–even when you’re “redefining how healthcare is experienced and delivered” and they are 466,000 members strong, up 121 percent and across 29 states, with 98% of members in 4+ Star plans, they had to knock on a lot of doors for the raise. This raise is also about half of what it would have been in the 2020-22 Silly Money days. One wonders if an IPO is next. Devoted Health release

Garner Health’s latest raise is a $118 million Series D today (Tuesday). The employer-focused provider of health data analytics incentives to guide employees to the best-performing doctors in the employer’s existing health plans now has a total raise of $200 million and a valuation topping $1.3 million. The round was led by Kleiner Perkins with participation from Redpoint, Maverick, Kaiser Permanente Ventures, Mercy, Plus Capital, and other existing investors. Garner is claiming revenue increasing over 130% versus their prior year. Release

On the other end of the barbell, Cambridge MA-based Synthpop (not a music genre) had an early raise of $15 million that closed last week. The new Series A brought their total funding to $23 million. It was led by Ansa Capital, with Defy.vc and Peterson Ventures participating in the round with Storm Ventures and strategic investor Bruce Broussard. Marco DeMeireles, co‑founder and managing partner at Ansa Capital will be joining Synthpop’s board. Synthpop uses AI processes to coordinate document intelligence, payer-aware reasoning, and conversational voice agents to automate up to 80% of healthcare business processes, integrating directly with EHR, billing, and e-prescribe platforms. It was founded in 2023 by CEO Elad Ferber and CTO Jan Jannink, PhD, who have considerable previous founder experience. Release